MORNING CALL 1/19

Barchart Morning Call

Barchart.com - 3 minutes ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.08%) are down -0.08% and European stocks are down -0.09% ahead of the results of today's ECB meeting. The ECB is expected to keep its monthly asset purchases at 80 billion euros ($85 billion) until March, and then at 60 billion euros from April to December. The markets will also scour comments from ECB President Draghi about when the central bank may begin to taper QE at his press conference following today's ECB meeting. Metals prices are weaker with Feb COMEX gold (GCG17 -0.76%) down -0.82% and Mar COMEX copper (HGH17 -0.52%) down -0.59% at a 1-week low after comments yesterday from Fed Chair Yellen bolstered interest rate hike expectations when she said the U.S. economy is close to the Fed's objectives of full employment and stable prices. Stock losses were muted as energy producing companies gained with Mar WTI crude oil prices (CLH17 +1.21%) up +0.69% after the API late yesterday reported that U.S. crude stockpiles fell by -5.04 million bbl last week. Asian stocks settled mixed: Japan +0.94%, Hong Kong -0.21%, China -0.38%, Taiwan -0.26%, Australia +0.24%, Singapore +0.27%, South Korea +0.23%, India +0.19%. Chinese stocks were led lower by losses in mining stocks with the slide in metals prices while Japanese stocks moved higher as strength in USD/JPY boosted exporter stocks.

The dollar index (DXY00 +0.15%) is up +0.18%. EUR/USD (^EURUSD) is up +0.32%. USD/JPY (^USDJPY) is down -0.06%.

Mar 10-year T-note prices (ZNH17 -0.34%) are down -13.5 ticks at a 1-week low on continuation of weakness seen late yesterday after comments from Fed Chair Yellen bolstered the prospects for more Fed rate hikes.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +5,000 to 252,000, previous +10,000 to 247,000) and continuing claims (expected -12,000 to 2.075 million, previous -29,000 to 2.087 million), (2) Dec housing starts (expected +8.9% to 1.187 million, Nov 18.7% to 1.090 million), (3) Jan Philadelphia Fed business outlook index (expected -4.9 to 15.1, Dec +11.0 to 19.7), (4) Treasury auctions $13 billion of 10-year TIPS, (5) Fed Chair Janet Yellen speaks to the Stanford Institute for Economic Policy Research, and (6) EIA Weekly Petroleum Status Report.

S&P 500 earnings reports today include: IBM (consensus $4.88), AMEX (0.99), Union Pacific (1.33), PPG Industries (1.18), BB&T (0.74), M&T Bank (2.04), JB Hunt (1.01), KeyCorp (0.29), Bank of NY Mellon (0.77), People's United Financial (0.24), Schlumberger (0.26), Skyworks Solutions (1.58).

U.S. IPO's scheduled to price today: Keane Group (FRAC).

Equity conferences: ACI Future of Polyolefins Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Exxon Mobile (XOM -1.24%) was downgraded to 'Sell' from 'Neutral' at UBS with a price target of $77.

Netflx (NFLX +0.28%) jumped over 7% in pre-market trading after it reported 1.93 million net streaming adds, higher than consensus of 1.45 million, and said it added 5.12 million new customers in international markets, above consensus of 3.78 million.

Under Armour (UAA -2.62%) was rated a new 'Buy' at CLSA with a price target of $37.

CSX Corp. (CSX -3.18%) rallied 8% in after-hours trading after the WSJ reported that outgoing CEO Hunter Harrison and activist investor Paul Hilal are finalizing a partnership and are set to target CSX.

Kinder Morgan (KMI -0.49%) fell over 2% in after-hours trading after it reported Q4 revenue of $3.39 billion, below consensus of $3.53 billion.

Mondelex International (MDLZ +0.29%) rose nearly 3% in after-hours trading after Bega Cheese agreed to buy Mondelez's Australian grocery business for A$460 million.

Canadian Pacific Railway (CP -0.45%) lost 1% in after-hours trading after the company accelerated the retirement of CEO Hunter Harrison by about 6 months after he inquired about the possibility of working with other major freight railroads.

Rent-A-Center (RCII +1.39%) tumbled over 12% in after-hours trading after it said preliminary Q4 core comparable sales tumbled 14% and that it will have a Q4 loss per share of -20 cents to -30 cents, much weaker than consensus for EPS of 10 cents.

Zynerba Pharmaceuticals (ZYNE +15.18%) declined nearly 7% in after-hours trading after it announced a proposed public offering of common stock.

Oclaro (OCLR -0.61%) jumped nearly 8% in after-hours trading after it reported preliminary Q2 revenue of $153.5 million-$154 million, better than consensus of $150.5 million.

PTC Inc. (PTC +0.04%) rose over 1% in after-hours trading after it reported Q1 adjusted revenue of $287.2 million, above consensus of $285.6 million.

Heron Therapeutics (HRTX -0.39%) dropped over 3% in after-hours trading after it proposed a $150 million public offering of common stock.

La Quinta Holdings (LQ +1.40%) gained almost 2% in after-hours trading after it said it will pursue plans to separate into two stand-alone publicly traded companies which could involve a spinoff of its real estate assets.

Plexus (PLXS +0.58%) slid over 2% in after-hours trading after it said it sees Q2 revenue of $620 million-$650 million, below consensus of $658.7 million.

EP Energy (EPE -2.79%) dropped nearly 4% in after-hours trading after it was downgraded to 'Sell' from 'Neutral' at UBS.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.08%) this morning are down -1.75 points (-0.08%). Wednesday's closes: S&P 500 +0.18%, Dow Jones -0.11%, Nasdaq +0.22%. The S&P 500 on Wednesday closed higher on comments from Dallas Fed President Kaplan (voter) who said he's "pretty optimistic" about the 2017 economic outlook. Stocks were also boosted by the +0.8% increase in U.S. Dec industrial production, stronger than expectations of +0.6% and the biggest increase in 2 years. Stocks were undercut by the -2 point decline in the U.S. Jan NAHB housing market index to 67 (weaker than expectations for a decline to 69) and by the +0.2% increase in U.S. Dec manufacturing production (weaker than expectations of +0.4%).

Mar 10-year T-notes (ZNH17 -0.34%) this morning are down -13.5 ticks at a 1-week low. Wednesday's closes: TYH7 -16.50, FVH7 -9.50. Mar 10-year T-notes on Wednesday closed lower on increased inflation expectations that bolster the case for tighter Fed policy after the 10-year T-note breakeven inflation rate rose to a 2-1/3 year high. T-notes were also undercut by comments from Dallas Fed President Kaplan who said that stronger growth and structural reforms "would allow the Fed to more quickly normalize interest rates."

The dollar index (DXY00 +0.15%) this morning is up +0.18 (+0.18%). EUR/USD (^EURUSD) is up +0.0034 (+0.32%). USD/JPY (^USDJPY) is down -0.07 (-0.06%). Wednesday's closes: Dollar index +0.98 (+0.98%), EUR/USD -0.0083 (-0.77%), USD/JPY +2.02 (+1.8%). The dollar index on Wednesday closed higher on comments from Dallas Fed President Kaplan who said he's "pretty optimistic" about the 2017 economic outlook and on comments from Fed Chair Yellen who said the U.S. economy is "close" to the Fed's objectives of full employment and stable prices.

Mar WTI crude oil prices (CLH17 +1.21%) this morning are up +36 cents (+0.69%) and Mar gasoline (RBH17 +0.61%) is +0.0034 (+0.22%). Wednesday's closes: Mar crude -1.37 (-2.57%), Mar gasoline -0.0454 (-2.79%). Mar crude oil and gasoline on Wednesday closed lower with Mar gasoline at a 1-week low. Crude oil prices were undercut by the stronger dollar and by comments from IEA Director Fatih Birol who said that the recent rally in oil prices will trigger a "significant" increase in U.S. shale-oil output.

GLOBAL EVENT CALENDAR01/19/2017

		Thursday, Jan 19
US	0830 ET	Weekly initial unemployment claims expected +5,000 to 252,000, previous +10,000 to 247,000. Weekly continuing claims expected -12,000 to 2.075 million, previous -29,000 to 2.087 million.
	0830 ET	Dec housing starts expected +8.9% to 1.187 million, Nov 18.7% to 1.090 million. Dec building permits expected +1.1% to 1.225 million, Nov -3.8% to 1.212 million.
	0830 ET	Jan Philadelphia Fed business outlook survey expected -4.9 to 15.1, Dec +11.0 to 19.7.
	1100 ET	EIA Weekly Petroleum Status Report.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Jan 24-26.
	1300 ET	Treasury auctions $13 billion of 10-year TIPS.
	2000 ET	Fed Chair Janet Yellen speaks to the Stanford Institute for Economic Policy Research.
		Friday, Jan 20
US	0830 ET	USDA weekly Export Sales.
	0900 ET	Philadelphia Fed President Patrick Harker (voter) speaks on the economic outlook at an event in New Jersey.
	n/a	President-elect Trumps swearing in ceremony begins.
	1300 ET	San Francisco Fed President John Williams (non-voter) delivers closing remarks at the Bay Area Council meeting.
	1545 ET	San Francisco Fed President John Williams (non-voter) speaks at the Solano Economic Development Corporations Annual Luncheon meeting.

U.S. STOCK CALENDAR01/19/2017

Company	Ticker	Time	Event Description	Period	Estimate
PPG Industries Inc	PPG US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.182
BB&T Corp	BBT US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.739
M&T Bank Corp	MTB US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	2.036
JB Hunt Transport Services Inc	JBHT US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.01
KeyCorp	KEY US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.29
Bank of New York Mellon Corp/The	BK US	6:30	Q4 2016 Earnings Release	Q4 2016	0.772
Union Pacific Corp	UNP US	7:00	Q4 2016 Earnings Release	Q4 2016	1.329
Skyworks Solutions Inc	SWKS US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	1.582
DR Horton Inc	DHI US		Annual General Meeting

MORNING CALL 4/18

MORNING CALL

Monday, April 18th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.34%) are down -0.33% and European stocks are down -0.28% as crude oil prices (CLK16 -3.96%) tumbled -3.72% to a 1-week low after a weekend meeting in Doha between OPEC members ended without a deal on freezing crude production. Saudi Arabian Crown Prince Mohammed bin Salman said that Saudi Arabia would not restrain its production without commitments from other major oil producers including Iran, which has ruled out freezing its crude production for now. Stocks recovered from their worst levels after comments to the Financial Times from St. Louis Fed President Bullard signal he favors delaying additional interest rate increases. Asian stocks settled mostly lower: Japan -3.40%, Hong Kong -0.73%, China -1.44%, Taiwan -0.40%, Australia -0.40%, Singapore -0.21%, South Korea -0.21%, India +0.74%. Japanese stocks closed lower with a sell-off in insurance companies leading the overall market lower after earthquakes struck southern Japan. Exporter stocks also fell as USD/JPY fell back toward its recent 17-1/2 month low after the weekend G-20 meeting in Washington failed to show support for any intervention in currency markets to slow the yen's recent strength.

The dollar index (DXY00 -0.11%) is down -0.10%. EUR/USD (^EURUSD) up +0.19%. USD/JPY (^USDJPY) is down -0.38% after U.S. Treasury Secretary Lew late Friday said that foreign-exchange moves are "orderly," a signal that the U.S. doesn't view yen-selling intervention as warranted.

Jun T-note prices (ZNM16 +0.04%) are up +1.5 ticks.

St. Louis Fed President Bullard told the Financial Times the "the jobs report we got this month was very strong but the GDP tracking has moved down substantially for Q1 and to some extent for Q2." This supports arguments for patience in assessing whether to lift the benchmark U.S. rate.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) New York Fed President William Dudley gives opening remarks at a conference titled “The Transatlantic Economy: Convergence or Divergence” in New York, (2) Apr NAHB housing market index (expected +1 to 59, Mar unch at 58), and (3) Minneapolis Fed President Neel Kashkari's speech at an event hosted by the Minnesota Chamber of Commerce.

There are 8 of the S&P 500 companies that report earnings today: Morgan Stanley (consensus $0.47), IBM (2.09), Netflix (0.04), M&T Bank (1.87), JB Hunt Transport (0.85), PepsiCo (0.81), Hasbro (0.24), WW Grainger (2.85).

U.S. IPO's scheduled to price today: none.

Equity conferences this week include: American Academy Of Neurology Meeting on Mon-Wed, American Association for Cancer Research Meeting on Mon-Wed, Rx Sample Management and logistics Summit on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

ConocoPhillips (COP -1.18%) and Chevron (CVX -0.77%) are both down over 2% in pre-market trading as crude oil fell to a 1-week low after oil output talks between OPEC and non-OPEC members ended without a deal on freezing crude production.

Union Pacific (UNP -1.35%) was downgraded to 'Neutral' from 'Buy' at UBS>

Edison International (EIX +1.46%) and Exelon (EXC -1.63%) were both downgraded to 'Hold' from 'Buy' at Deutsche Bank.

Broadcom Ltd. (AVGO -2.10%) was rated a new 'Outperform' at Cowen with a price target of $190.

Apple (AAPL -2.01%) and Verizon Communications (VZ -0.02%) were both upgraded to 'Buy' from 'Hold' at Erste Group.

NetApp (NTAP -2.03%) was downgraded to 'Underperform' from 'Neutral' at Sterne Agee CRT.

Disney (DIS -0.04%) was upgraded to 'Buy' from 'Hold' at Pivotal Research Group LLC with a 12-month price target of $121.

Chemical Financial (CHFC +0.46%) reported Q1 adjusted EPS of 65 cents, higher than consensus of 63 cents.

Autoliv (ALV -0.57%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.

Groupon (GRPN +3.85%) gained over 1% in after-hours trading after New Enterprise Associates reported a 7.7% stake in the company.

Autohome (ATHM +6.60%) fell over 1% in after-hours trading after it received a non-binding proposal from a consortium for $31.50/ADS, below Friday's closing price of $32.15.

Calumet Specialty Products (CLMT -7.39%) dropped nearly 3% in after-hours trading after it said it sees a Q1 net loss of $59 million-$83 million.

Zoe's Kitchen (ZOES +2.21%) rose over 1% in after-hours trading after the company dismissed PricewaterhouseCoopers LLP and appointed Deloitte & Touche LLP as its accountant.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.34%) this morning are down -6.75 points (-0.33%). Friday's closes: S&P 500 -0.10%, Dow Jones -0.16%, Nasdaq -0.25%. The S&P 500 on Friday closed lower on the unexpected -0.3% decline in U.S. manufacturing production, weaker than expectations of +0.1%, and the unexpected -1.3 point fall in the Apr University of Michigan U.S. consumer sentiment index to a 7-month low of 89.7. Stocks received some support from the +8.94 point rise in the Apr Empire manufacturing index to a 15-month high of 9.56.

June 10-year T-note prices (ZNM16 +0.04%) this morning are up +1.5 ticks. Friday's closes: TYM6 +8.50, FVM6 +4.75. Jun T-notes on Friday closed higher on the weak Mar U.S. manufacturing production report of -0.3% m/m, the biggest decline in 13 months, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-month low.

The dollar index (DXY00 -0.11%) this morning is down -0.94 (-0.10%). EUR/USD (^EURUSD) is up +0.0021 (+0.19%). USD/JPY (^USDJPY) is down-0.41 (-0.38%). Friday's closes: Dollar Index -0.206 (-0.22%), EUR/USD +0.0016 (+0.14%), USD/JPY -0.64 (-0.59%). The dollar index on Friday closed lower on the weaker-than-expected U.S. economic data on Mar manufacturing production and Apr University of Michigan U.S. consumer sentiment, which may delay the Fed's next rate hike.

May WTI crude oil (CLK16 -3.96%) is down -$1.50 a barrel (-3.72%). May gasoline (RBK16 -2.26%) is down -0.0361 (-2.47%). Friday's closes: CLK6-1.14 (-2.75%), RBK6 -0.0397 (-2.64%). May crude and gasoline on Friday closed lower on the weaker-than-expected U.S. Mar industrial and manufacturing production, which was negative for energy demand, and on long liquidation pressure ahead of Sunday's oil-producer meeting in Doha.

GLOBAL EVENT CALENDAR04/18/2016

US	0830 ET	New York Fed President William Dudley gives opening remarks at a conference titled The Transatlantic Economy: Convergence or Divergence in New York.
	1000 ET	Apr NAHB housing market index expected +1 to 59, Mar unch at 58.
	1100 ET	USDA weekly grain export inspections.
	1230 ET	Minneapolis Fed President Neel Kashkari delivers speech at an event hosted by the Minnesota Chamber of Commerce.
	1600 ET	USDA Weekly Crop Progress.

U.S. STOCK CALENDAR04/18/2016

Company	Ticker	Time	Event Description	Period	Estimate
M&T Bank Corp	MTB US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.87
JB Hunt Transport Services Inc	JBHT US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.853
PepsiCo Inc	PEP US	6:30	Q1 2016 Earnings Release	Q1 2016	0.812
Hasbro Inc	HAS US	6:30	Q1 2016 Earnings Release	Q1 2016	0.239
Morgan Stanley	MS US	7:00	Q1 2016 Earnings Release	Q1 2016	0.467
WW Grainger Inc	GWW US	7:30	Q1 2016 Earnings Release	Q1 2016	2.845
WW Grainger Inc	GWW US	7:30	Q1 2016 Earnings Call	Q1 2016
PepsiCo Inc	PEP US	8:00	Q1 2016 Earnings Call	Q1 2016
Hasbro Inc	HAS US	8:30	Q1 2016 Earnings Call	Q1 2016
Morgan Stanley	MS US	8:30	Q1 2016 Earnings Call	Q1 2016
M&T Bank Corp	MTB US	11:00	Q1 2016 Earnings Call	Q1 2016
Netflix Inc	NFLX US	16:05	Q1 2016 Earnings Release	Q1 2016	0.037
International Business Machines Corp	IBM US	17:00	Q1 2016 Earnings Call	Q1 2016
Netflix Inc	NFLX US	17:00	Q1 2016 Earnings Call	Q1 2016
International Business Machines Corp	IBM US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	2.091

BARCHART MORNING CALL 7/9

BARCHART MORNING CALL

Thursday, July 9th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +1.02%) are up +1.01% and European stocks are up +1.74% following a rebound in Chinese equities. Greece extended its bank holiday and capital controls through Monday and has until midnight Thursday to present European leaders with a plan that includes spending cuts in exchange for fresh bailout funds. European leaders will then meet on Sunday to decide their response to the proposals. Asian stocks closed mostly higher: Japan +0.60%, Hong Kong +3.73%, China +5,76%, Taiwan -0.69%, Australia +0.03%, Singapore -0.54%, South Korea +0.75%, India -0.41%. China's Shanghai Composite recovered from a 3-3/4 month low and closed higher after regulators banned majority stockholders from selling their shares for at least 6 months. Investors continue to sell shares bought on margin funds as data showed traders unloaded a record 112 billion yuan ($18 billion) of shares bought with borrowed money on the Shanghai exchange Wednesday, the 13th straight day of declines.
Commodity prices are mixed. Aug crude oil (CLQ15 +2.88%) is up +1.65%, Aug gasoline (RBQ15 +0.85%) is down -0.60%. Metals prices are mixed. Aug gold (GCQ15 -0.11%) is down -0.16%. Sep copper (HGU15 +1.62%) is up +1.40%. Agricultural prices are higher.
The dollar index (DXY00 +0.10%) is up +0.21%. EUR/USD (^EURUSD) is down -0.23%. USD/JPY (^USDJPY) is up +0.68%.

Sep T-note prices (ZNU15 -0.31%) are down -11 ticks as the rally in global stocks reduces the safe-haven demand for Treasuries.
As Greece extended its bank holiday and capital controls through Monday, the ECB on Wednesday kept the cap on Emergency Liquidity Assistance (ELA) to Greece's central bank at 88.6 billion euros, the level it has been frozen at since Jun 26. A Greek official with direct knowledge of the matter said at the current level of ELA, Greek banks have sufficient liquidity to last through Monday.
As expected, the BOE at the conclusion of today's policy meeting kept its benchmark interest rate at 0.50% and maintained its asset purchase target at 375 billion pounds.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -6,000 to 275,000 after last week's +10,000 to 281,000) and continuing claims (expected -14,000 to 2.250 million after last week's +15,000 to 2.264 million), (2) the Treasury's auction of $13 billion of 30-year T-bonds, (3) an appearance by Minneapolis Fed President Narayana Kocherlakota on central banks and fiscal authorities as a panelist at the Deutsche Bundesbank Conference, and (4) a speech by Kansas City Fed President Esther George on the U.S. economy and monetary policy at OSU in Stillwater, OK.
There are two of the Russell 1000 companies that report earnings today: PepsiCo (consensus $1.24), Walgreens (0.87).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Knight Transportation (KNX -0.52%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Con-way (CNW -3.88%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
Regeneron (REGN -1.61%) was downgraded to 'Sell' from 'Neutral' at UBS.
J.B. Hunt (JBHT -1.45%) was upgraded to 'Buy' from 'Neutral' at Longbow.
Amgen (AMGN -1.98%) was downgraded to 'Neutral' from 'Buy' at UBS.
Dunkin' Brands (DNKN -1.60%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Panera Bread (PNRA -0.47%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
Conn's (CONN -2.21%) reports that its June same-store-sales were up +1.1% y/y.
HSBC (HSBC -2.68%) was upgraded to 'Neutral' from 'Underperform' at Exane BNP Paribas.
Costco (COST -0.43%) reports that its June same-store-sales were down 1% y/y.
Walgreens Boots Alliance (WBA -1.54%) reported Q3 EPS of $1.02, stronger than consensus of 87 cents.
PepsiCo (PEP -0.82%) jumped over 2% in pre-market trading after it reported Q2 EPS of $1.32, higher than consensus of $1.24.
Yahoo! (YHOO -2.62%) rose over 2% in pre-market tradign after the company said it will roll out a new sports-fantasy service designed for use on mobile devices.
Alcoa (AA -5.06%) reported Q2 EPS of 19 cents, below consensus of 23 cents.
Celgene Rivot reported a 9.1% stake in Juno Therapeutics (JUNO -6.24%) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 +1.02%) this morning are up +20.50 points (+1.01%) as Chinese stocks stabilized. Wednesday's closes: S&P 500 -1.67%, Dow Jones -1.47%, Nasdaq -1.75%. The S&P 500 on Wednesday closed sharply lower on Grexit concerns, the plunge in China's Shanghai Composite to a 3-1/2 month low, and the +$16.086 billion increase in U.S. May consumer credit, less than expectations of +$18.5.
Sep 10-year T-notes (ZNU15 -0.31%) this morning are down -11 ticks. TYU5 +8.00, FVU5 +6.00. Sep T-notes on Wednesday rose to a 5-week high and closed higher on (1) safe-haven demand from concerns about Grexit and the plunge in the Chinese stock market, and (2) expectations that the Fed's first rate hike will be delayed by Greek and Chinese concerns.
The dollar index (DXY00 +0.10%) this morning is up +0.201 (+0.21%). EUR/USD (^EURUSD) is down -0.0026 (-0.23%). USD/JPY (^USDJPY) is up +0.82 (+0.68%). Dollar Index -0.637 (-0.66%), EUR/USD +0.00649 (+0.59%), USD/JPY -1.829 (-1.49%). The dollar index on Wednesday closed lower on some safe-haven demand for the yen and a rally in EUR/USD tied to relief that the ECB maintained the Greek 89 billion euro ELA lifeline.
Aug WTI crude oil (CLQ15 +2.88%) this morning is up +85 cents (+1.65%). Aug gasoline (RBQ15 +0.85%) is down -0.0119 (-0.60%). CLQ5 -0.68 (-1.30%), RBQ5 +0.0572 (+2.93%). Aug crude and gasoline on Wednesday settled mixed. The EIA report was bearish with the +384,000 bbl increase in EIA crude inventories, more than expectations for no change, and the +1.22 million bbl increase in EIA gasoline supplies, more than expectations of no change. Other negative factors included concern about the negative economic fall-out from Greece and China and expectations that Iranian oil exports will double if there is a near-term Iranian nuclear agreement. The main supportive factor for crude oil prices was the weaker dollar.

GLOBAL EVENT CALENDAR07/09/2015

US	0545 ET	Minneapolis Fed President Narayana Kocherlakota speaks on central banks and fiscal authorities as a panelist at the Deutsche Bundesbank Conference.
	0830 ET	Weekly initial unemployment claims expected -6,000 to 275,000, previous +10,000 to 281,000. Weekly continuing claims expected -14,000 to 2.250 million, previous +15,000 to 2.264 million.
	0830 ET	USDA weekly Export Sales.
	1300 ET	Kansas City Fed President Esther George speaks on the U.S. economy and monetary policy at OSU in Stillwater, OK.
	1300 ET	Treasury auctions $13 billion of 30-year T-bonds.
GER	0200 ET	German May trade balance expected +20.5 billion euros, Apr +21.8 billion euros. May exports expected -0.8% m/m, Apr +2.0% y/y. May imports expected +0.1% m/m, Apr -0.8% y/y.
	0200 ET	German May current account balance expected +16.0 billion euros, Apr +19.6 billion euros.
JPN	0200 ET	Japan Jun machine tool orders, May +15.0% y/y.
	1950 ET	Japan Jun PPI expected -0.1% m/m and -2.2% y/y, May +0.3% m/m and -2.1% y/y.
UK	0700 ET	BOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.
CHI	n/a	China Jun new yuan loans expected +1.050 trillion yuan, May +900.8 billion yuan.

U.S. STOCK CALENDAR07/09/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Airlines Group Inc	AAL US	Bef-mkt	June 2015 Sales and Revenue Release - Traffic Results	2015
PepsiCo Inc	PEP US	6:30	Q2 2015 Earnings Release	Q2 2015	1.241
Walgreens Boots Alliance Inc	WBA US	7:00	Q3 2015 Earnings Release	Q3 2015	0.871
L Brands Inc	LB US	7:30	June 2015 Sales and Revenue Call	2015
PepsiCo Inc	PEP US	8:00	Q2 2015 Earnings Call	Q2 2015
Walgreens Boots Alliance Inc	WBA US	8:30	Q3 2015 Earnings Call	Q3 2015
T-Mobile US Inc	TMUS US	9:00	Un-Carrier Amped Announcement
United Continental Holdings Inc	UAL US	Aft-mkt	June 2015 Sales and Revenue Release - Operational Performance	2015
Gap Inc/The	GPS US		June 2015 Sales and Revenue Release	2015
Eli Lilly & Co	LLY US		FDA Adcomm, necitumumab, first-line squamous non-small cell lung cancer
L Brands Inc	LB US		June 2015 Sales and Revenue Release	2015

BARCHART MORNING CALL 6/30

BARCHART MORNING CALL

Tuesday, June 30th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.52%) are up +0.51% and European stocks are down -0.25% at a 1-1/2 week low as the markets attempt to stabilize following Monday's sell-off. European stocks recovered from their lows after an official said European Commission President Juncker set out details to Greece on how it can still reach an accord with creditors. Greek banks and the Athens Stock Exchange remain closed and it is unlikely that Greece will make a $1.7 billion payment due to the IMF today. After midnight, Greece will also no longer be formally under the protection of the European bailout program. Asian stocks closed higher: Japan +0.63%, Hong Kong +1.09%, China +5.53%, Taiwan +0.94%, Australia +0.67%, Singapore +1.13%, South Korea +0.40%, India +0.49%.
Commodity prices are mixed. Aug crude oil (CLQ15 +0.57%) is up +0.60%, Aug gasoline (RBQ15 +1.06%) is up +0.97%. Metals prices are lower. Aug gold (GCQ15 -0.55%) is down -0.51%. Sep copper (HGU15 -1.12%) is down -1.04%. Agricultural prices are mixed.
The dollar index (DXY00 +0.40%) is up +0.47%. EUR/USD (^EURUSD) is down -0.53%. USD/JPY (^USDJPY) is down -0.12% at a fresh 1-month low.

Sep T-note prices (ZNU15 -0.11%) are down -3 ticks.
All eyes will be on the ECB if Greece is unable to pay its $1.7 billion debt payment due to the IMF by midnight tonight. The ECB has already pumped 89 billion euros of Emergency Liquidity Assistance into Greece and ECB may withdraw its lifeline to Greece's banks if it misses the IMF debt payment. ECB Executive Board member Coeure told the Les Echos newspaper that "Greece's exit from the Eurozone, which was a theoretical point, can unfortunately no longer be excluded."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jun Milwaukee ISM (May was -0.38 to 47.70), (2) Apr S&P/CaseShiller composite-20 home price index (expected +0.80% m/m and +5.50% y/y after March's +0.95% m/m and +5.04% y/y), (3) June Chicago PMI (expected +3.8 to 50.0 after May's -6.1 to 46.2), and (4) June U.S. consumer confidence index from the Conference Board (expected +2.0 to 97.4 after May's +1.1 to 95.4).
There is one of the Russell 1000 companies reports earnings today: ConAgra Foods (consensus $0.59).
U.S. IPO's scheduled to price today include: LoanCore Realty Trust (LCRT), ConforMIS (CFMS), Teladoc (TDOC), Ardelyx (ARDX), NovaBay Pharmaceuticals (NBY).
Equity conferences this week include: Nasdaq Investor Program Conference on Tue

OVERNIGHT U.S. STOCK MOVERS

J.B. Hunt (JBHT -0.92%) will replace Integrys Energy (TEG -1.43%) in the S&P 500 as of the close of trading today.
Baxalta (BXLT) will replace QEP Resources (QEP -1.18%) in the S&P 500 as of the close of trading today.
CoreLogic (CLGX -3.54%) was upgraded to 'Overweight' from 'Equal Weight' at Stephens.
Sysco (SYY -2.16%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Jamex reported a 9.5% passive stake in Ferrellgas Partners LP (FGP -2.63%) .
Advanced Micro Devices (AMD -5.26%) rose over 3% in after-hours trading after KitGuru reported that Microsoft is interested in buying the chipmaker.
Springleaf (LEAF -3.66%) was initiated with a 'Buy' at Guggenheim witha price target of $56.
Tallgrass Energy (TEP -1.77%) was initiated with a 'Buy' at Evercore ISI with a price target of $56.
PG&E (PCG -0.74%) was initiated with a 'Buy' at Mizuho witha price target of $56.
Boot Barn (BOOT -3.22%) was initiated with a 'Buy' at B. Riley with a price target of $35.
Blue Ridge Capital reported an 8.32% passive stake in Fitbit (FIT -4.23%) .
Apollo Education (APOL -4.95%) reported Q3 EPS ex-items of 53 cents, better than consensus of 47 cents.
CHC Group (HELI -8.33%) reported a Q4 EPS loss of -55 cents, a wider loss than consensus of -44 cents.
Juno ({=JUNO surged over 50% in after-hours trading after the company announced a 10-year immunotherapy collaboration with Celgene (CELG -2.55%) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 +0.52%) this morning are up +10.50 points (+0.51%). Monday's closes: S&P 500 -2.09%, Dow Jones -1.95%, Nasdaq -2.33%. The S&P 500 on Monday tumbled to a 2-1/2 month low and closed sharply lower on the Greek crisis and fears of contagion. Stocks received some underlying support from the 25 bp rate cut by the Chinese central bank on Saturday, which was an attempt to boost the Chinese economy and halt the 20% plunge in the Chinese stock market.
Sep 10-year T-notes (ZNU15 -0.11%) this morning are down -3 ticks. Monday's closes: TYU5 +1-06/32, FVU5 +20.75. Sep T-notes on Monday jumped to a 3-1/2 week high on increased safe-haven demand with the Greek crisis and the sharp sell-off in U.S. and European stocks, along with ideas that the Fed may need to delay its rate hike due to the Greek crisis.
The dollar index (DXY00 +0.40%) this morning is up +0.445 (+0.47%). EUR/USD (^EURUSD) is down -0.0060 (-0.53%). USD/JPY (^USDJPY) is down -0.15 (-0.12%) at a 1-month low. Monday's closes: Dollar Index -0.682 (-0.71%), EUR/USD +0.00699 (+0.63%), USD/JPY -1.351 (-1.09%). The dollar index fell back from a 3-week high and closed lower despite safe-haven demand tied to the Greek crisis. EUR/USD rallied back from heavy losses on talk that the ECB may front-load its QE program to provide liquidity to European financial markets and prevent contagion of the Greece debt crisis throughout Europe.
Aug WTI crude oil (CLQ15 +0.57%) this morning is up +35 cents (+0.60%). Aug gasoline (RBQ15 +1.06%) is up +0.00194 (+0.97%). Monday's closes: CLQ5 -1.30 (-2.18%), RBQ5 -0.0237 (-1.17%). Aug crude oil and gasoline on Monday closed lower with Aug crude at a 3-week low as the Greek crisis suggested weaker energy demand in Europe. Crude oil prices were also undercut by positive comments by EU foreign policy chief Mogherini, who said that diplomats are "close to a deal" to curb Iran's nuclear program, which may lead to an increase in Iranian crude exports if economic sanctions against Iran are reduced.

GLOBAL EVENT CALENDAR06/30/2015

US	0900 ET	Jun Milwaukee ISM, May -0.38 to 47.70.
	0900 ET	Apr S&P/CaseShiller composite-20 home price index expected +0.80% m/m and +5.50% y/y, Mar +0.95% m/m and +5.04% y/y.
	0945 ET	Jun Chicago PMI expected +3.8 to 50.0, May -6.1 to 46.2.
	1000 ET	Jun consumer confidence (Conference Board) expected +2.0 to 97.4, May +1.1 to 95.4.
	1200 ET	USDA Q2 Quarterly Stocks and Acreage report.
JPN	0000 ET	Japan May vehicle production, Apr -7.5% y/y
	0100 ET	Japan May construction orders, Apr -12.1% y/y.
	0100 ET	Japan May housing starts expected +5.5% y/y to 915,000 annualized, Apr +0.4% y/y to 913,000 annualized.
	1950 ET	Japan Q2 Tankan large manufacturing business conditions expected unch at 12, Q1 unch at 12.
	2135 ET	Revised Japan Jun Markit manufacturing PMI.
GER	0200 ET	German May retail sales expected unch m/m and +2.8% y/y, Apr +1.3% m/m and +1.0% y/y.
	0355 ET	German Jun unemployment change expected -5,000, May -6,000. Jun unemployment rate expected unch at 6.4%.
UK	0430 ET	Revised UK Q1 GDP expected +0.4% q/q and +2.5% y/y, previous +0.3% q/q and +2.4% y/y.
	0430 ET	UK Apr index of services expected +0.3% m/m and +0.5% 3-mo/3-mo, Mar +0.1% m/m and +0.4% 3-mo/3-mo.
	0430 ET	UK Jun Lloyds business barometer, May 55.
EUR	0500 ET	Eurozone Jun CPI estimate expected +0.2% y/y, May +0.3% y/y. Jun core CPI expected +0.8% y/y, May +0.9% y/y.
	0500 ET	Eurozone May unemployment rate expected unch at 11.1%,
CHI	2100 ET	China Jun manufacturing PMI expected +0.2 to 50.4, May 50.2. Jun non-manufacturing PMI, May 53.2.

U.S. STOCK CALENDAR06/30/2015

Company	Ticker	Time	Event Description	Period	Estimate
ConAgra Foods Inc	CAG US	7:30	Q4 2015 Earnings Release	Q4 2015	0.59
ConAgra Foods Inc	CAG US	9:30	Q4 2015 Earnings Call	Q4 2015
Endurance Specialty Holdings Ltd	ENH US	9:30	Extraordinary Shareholders Meeting	Y 2015
Energizer Holdings Inc	ENR US	Aft-mkt	Energizer Holdings Inc. Replaces Harsco Corp. in S&P MidCap 400
Isis Pharmaceuticals Inc	ISIS US	17:10	Annual General Meeting	Y 2015
Marvell Technology Group Ltd	MRVL US	19:00	Annual General Meeting	Y 2015
Apple Inc	AAPL US		Apple's Debut of Apple Music" Streaming Service"
Brookdale Senior Living Inc	BKD US		Annual General Meeting